09/08/2021 - Grug Capital, Jimmy, Shadowy super searcher Introduction The rise of on-chain financial infrastructure on Ethereum has led to an emergent property called Miner Extractable Value (MEV). Simply put, MEV refers to additional profit (aside from block rewards and transaction fees) a miner can make by auctioning off transaction ordering rights in the blocks they mine. The default rules in standard Ethereum clients order transactions based on their gas price (ties being broken by time arrived) but MEV has led to more sophisticated custom clients and auction mechanisms. Auction "Flashbots Auction is a permissionless, transparent, and fair ecosystem for efficient MEV extraction and frontrunning protection which preserves the ideals of Ethereum. Flashbots Auction provides a private communication channel between Ethereum users and miners for efficiently communicating preferred transaction order within a block. Flashbots Auction consists of mev-geth, a patch on top of the go-ethereum client, along with the mev-relay, a transaction bundle relayer." - Source